Debt management plan to satisfy creditors

Are you suffering from business debt? Are you under pressure from creditors and falling behind with payments to suppliers? During a business downturn it is common to fall behind with payments to suppliers due to cashflow problems. All too quickly you can end up in deeper financial distress and focussing your time away from the day-to-day running of the business. An informal debt management plan can help to address this.

Directors tell us that when there are cashflow problems and they are suffering business debt, they end up spending most of their day trying to placate chasing creditors or even avoiding answering the phone. This becomes a vicious circle leading to increased stress, sleepless nights and less and less productive time working on the business.

Can a debt management plan solve my business debt?

If by us taking the creditor pressure off your shoulders, you will be able to get back to running your business profitably, then yes. Cashsolv's informal debt management plan, the Creditor Cashplan™, can relieve the immediate pressure of cashflow problems and put in place manageable payment plans to address the stress caused by late payment.

Our unique Creditor Cashplan™ enables you to identify the older creditors that are hassling you and pay them over a 10-12 month period. We act as an intermediary, so they deal with us regarding the debt management plan rather than you. This enables you to concentrate on running the business. The plan is confidential; you do not need to tell anyone other than those we are dealing with on your behalf.

A debt management plan is a valuable service when…

Trade creditors are hassling you for payment

Confidentiality needs to be respected

You need to focus on running your business

You wish to avoid a formal Insolvency

You don’t want to involve current suppliers

Affordability is important

You don’t want to involve the bank

Dramatically improved cashflow is required

Frequently asked questions:

How does it work?

To enable us to take you through the process as painlessly as possible, we will meet with you to discuss a debt management plan. At the meeting we will want to identify the creditors that you wish to include in the plan. We will calculate how much you will need to be able to pay each month.

Provided the monthly sum is affordable, we will start the process. You pay us the agreed sum each month, we deduct our fee and distribute the balance on your behalf pro rata to the creditors in the plan.

What if the creditors don’t agree?

The creditors are already chasing you and normally will be pressurising you to agree to pay them by instalments. The Creditor Cashplan™ is simply putting this into an affordable structure with us managing it on your behalf.

Realistically, we have found that the vast majority of creditors would rather get paid a regular monthly sum via a debt management plan, reducing the debt, than incur legal costs or push you into insolvency and wait years to receive a small percentage, if anything at all.

Typically, the creditors are happier because they are getting a regular monthly sum, they know where they stand, and you can use the time saved to work on your business.

What if I can’t pay the monthly sum?

We will want to discuss why you cannot keep up payments on your debt management plan. If it is a small hiccup, we will look at whether the Cashplan™ can be restructured. If there is a bigger problem, we will discuss other possible solutions with you.

In either event we will have to keep the Cashplan™ creditors informed, as any further action may involve them and we want to ensure that we do not abuse their trust so that they will continue to support you.

Creditor Cashplan™ guides

Have a question?

Call today 01489 550 440 to speak with an independent advisor and we can help with any questions you may have.

Pressure from creditors – what’s your next move?

Ignore the problem and chances are it will get worse - potentially damaging relationships with key suppliers. Contact us now to see how a debt management plan can relieve this pressure and allow you to get back to making your business work - the way forward, made brighter.

See how Cashsolv™ can help your business.

Call your cashflow expert now on 01489 550 440

Alternatively, we can call you at a convenient time to suit you. It's FREE advice, it's totally confidentialy and you are under no obligation.

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